China

China

Ming Yang plans to buy Vestas denied

CHINA: Ming Yang today denied reports that it is planning to buy Vestas for €2 billion.

It was reported yesterday that the Chinese firm was planning to acquire the world’s largest wind turbine manufacturer at a price of €1.5 billion to €2 billion.

However, a Ming Yang spokesman today told Reuters that the company had "no plans at this stage to acquire Vestas" and that there were "no talks ongoing at this time".

The denied takeover talk follows reports last week that Vestas is considering putting itself on the market and is in debt restructuring talks.

The UK's Sunday Times said Vestas' banks had told the company it needed to prepare a debt restructuring plan.

The report said the banks had appointed Ernst & Young to handle talks with Vestas, which has itself brought in PWC to handle the restructure. The report claimed Vestas' debts stood at around €2 billion.

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